You want to be able to withdraw $20,000 each year for 15 years. Your account earns...
You want to be able to withdraw $20,000 each year for 15 years. Your account earns 7% interest.
a) How much do you need in your account at the beginning? $
b) How much total money will you pull out of the account? $
c) How much of that money is interest? $
Homework Answers
Amount needed at the beginning = Annual Withdrawal*Present value annuity factor
= 20,000*PVAF(7%, 15 years)
= 20,000*9.1079
= $182,158
b)Total money withdrawn = 20,000*15 = $300,000
c)Interest amount = 300,000-182,158 = $117,842
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